Long-Run Trends in Italian Productivity

Giordano, Claire; Toniolo, Gianni; Zollino, Francesco

doi:10.2139/ssrn.3082193

Cited by 13 publications

(11 citation statements)

References 36 publications

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“…This assumption is strong, yet there is evidence for many countries over long time spans that productivity growth in service sectors, a proxy of the non-tradable sector, is significantly slower to that of sectors open to trade and often close to zero (see e.g.,Timmer, Inklar and O'Mahoney, 2010;Broadberry, Giordano and Zollino, 2013;Giordano, Toniolo and Zollino, 2017).ECB Working Paper 2108, November 2017…”

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confidence: 99%

Real Exchange Rate Misalignments in the Euro Area

2020

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Real Exchange Rate Misalignments in the Euro Area

2020

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“…The dynamics of relative prices reflect not only changes in the cost of labour and of the other production factors, but also productivity growth and quality improvements. Whereas the quality of Italy's exports has encouragingly grown over time, although no differently to that in the other main euro-area countries, sluggish productivity appears to be a long-run trait of the Italian economy (Giordano, Toniolo and Zollino, 2017). In this light, price competitiveness gains and the resulting boost to foreign sales would be larger if Italy's productivity growth returned to rates comparable to those observed in its main competitor countries.…”

Section: Discussionmentioning

confidence: 95%

Back on Track? A Macro–Micro Narrative of Italian Exports

et al. 2018

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We provide an in-depth analysis of Italy's export performance relative to the other main euro-area countries over the last two decades, using both macro and micro data. We argue that the relatively unsatisfactory performance of Italian goods exports until the eve of the 2008-09 crisis is the result of the interplay between the appreciation of the real effective exchange rate, the initial specialization in types of production that were particularly exposed to increasing competition from low-wage countries, and the size distribution of exporters, skewed towards small firms. Since 2010 signs of structural improvement have emerged, alongside cyclical factors, in connection with a shift in the specialization of exports towards sectors that are less exposed to competitive pressures and particularly effective in activating domestic value added. Moreover, the selection process triggered by the exceptional difficulties encountered by micro and small firms both before and during the global financial crisis might have structurally strengthened the population of Italian exporters, making it more resilient to negative shocks and more capable of keeping pace with external demand.

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“…(2019) and they showed capital input growth contributing 0.1 percentage points per year more than using capital stocks. A recent paper which provides estimates for Italy from 1861 onwards using a capital services‐based methodology (Giordano et al ., 2017) finds a somewhat bigger effect but in no period is the difference between this approach and the traditional one greater than 0.26 percentage points per year.…”

Section: Lessons From the Historiographymentioning

confidence: 88%

Growth Accounting in Economic History: Findings, Lessons and New Directions

Crafts

Woltjer

2019

Journal of Economic Surveys

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There is now a large volume of growth accounting estimates covering the long run experience of advanced countries. However, most of the studies in economic history are not based on state‐of‐the‐art methods. There is a trade‐off between maintaining international comparability and achieving the best results for individual countries. A one‐size‐fits‐all approach will not always do justice to the variety of historical experiences since the conventional assumptions may sometimes be inappropriate. Nevertheless, growth‐accounting studies have produced some eye‐catching results which provide food for thought both for economic historians and for growth economists. These include (1) the finding that TFP growth was comparatively slow during the First Industrial Revolution, (2) Solow's famous conclusion that TFP growth accounted for 7/8ths of American labour‐productivity growth was atypical, (3) the impact of new general‐purpose technologies on growth typically takes a long time to materialize, ICT being the notable exception and (4) that capital‐deepening was much more important relative to TFP growth in east Asian than in western European catch‐up growth. Growth accounting is undoubtedly a valuable item in the cliometrician's toolkit. Nonetheless, we anticipate the introduction of more sophisticated methods and look forward to progress in understanding what explains marked differences in TFP performance.

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Long-Run Trends in Italian Productivity

Cited by 13 publications

References 36 publications

Real Exchange Rate Misalignments in the Euro Area

Real Exchange Rate Misalignments in the Euro Area

Back on Track? A Macro–Micro Narrative of Italian Exports

Growth Accounting in Economic History: Findings, Lessons and New Directions

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